Steelcase, which makes office furniture, plans to wind down production gradually over the next 18-24 months, according to a company statement released Tuesday.

Officials from the Michigan-based company said they will provide severances and other career transition support to affected employees.

Company officials released the following statement explaining the reason for the closure:

"This decision is part of Steelcase’s journey to reinvent its industrial model, reduce excess manufacturing capacity and control cost in response to changes in the economy, the office furniture industry and competitive pressures. Even in relatively good economic times, we need to make difficult decisions in order to stay ahead."

Work from the High Point plant will move to other company facilities in North America, as well as a few outside suppliers, company officials said.